SCANA Corporation (NYSE:SCG) announced today that William B. Timmerman, SCANA’s Chairman, President and CEO will retire from the Company effective November 30, 2011.
At a Board of Directors meeting held today, the Board elected Kevin B. Marsh, to be the Company’s chairman and chief executive officer effective November 30, 2011 upon Timmerman’s retirement. Marsh will become SCANA’s seventh CEO since it became a NYSE traded company in 1946.
Additionally, the Board elected Marsh president and chief operating officer of SCANA Corporation and as a member of SCANA’s Board of Directors effective January 7, 2011. Marsh, currently president of SCE&G, principal subsidiary of SCANA, assumes the title of president from Timmerman.
“I believe retiring at the end of this year provides for a smooth transition and is appropriate as the Company enters a period of new nuclear construction. The leadership team currently in place is clearly prepared and already doing an outstanding job and I look forward to their continued successes in my retirement later this year,” said Timmerman. Timmerman will be available as a consultant to the Company during his retirement.
In announcing Marsh’s expanded role, Timmerman noted Marsh’s significant experience and leadership. “Kevin and I have worked closely on running the Company for nearly 30 years,” said Timmerman. “Kevin has served as our chief financial officer and president of two of SCANA’s largest subsidiaries over the last decade. His strong operating and financial background will provide SCANA with outstanding leadership as we execute the Company’s new nuclear generation strategy and meet the energy needs of the next decade.”
“Bill Timmerman will leave a strong legacy of success at SCANA with an excellent team of experienced leaders to execute the Company’s long-term plan and the new nuclear project,” said Marsh. ”While we have our challenges and opportunities ahead of us I am excited by our potential and honored by the confidence expressed by our board”